A 31,429-square-foot Newark industrial property sold for $6 million, James McGuckin, regional manager of Marcus & Millichap‘s New Jersey office, announced Dec. 1.
Investment specialists Jed Matricaria and Scott Geller had the exclusive listing to market the property on behalf of the seller, a limited liability company.
Located at 175 Mt. Pleasant Ave., the 22,429-square-foot building was originally built in 1960. In 2009, a 28-foot, high-bay extension was added.
“This is a unique asset in that it has a retail showroom, offices, workshop, high bay addition, ceilings of varying heights, and private fenced parking lot. These attributes give the property a lot of versatility, which provided us the opportunity to market to multiple types of investors and owner-users,” Matricaria said in a statement, “Our database of qualified buyers combined with Marcus & Millichap’s national footprint generated multiple offers, allowing us to negotiate seller-favorable terms with the highest price the market would bear.”
Broker of Record and CEO Setz Katz of Aberdeen-based Legacy Commercial Realty LLC secured and represented the purchaser.
“Working with our client’s best interest in mind, we successfully collaborated on this deal and were able to close 12% above the asking price and without a re-trade,” Geller said. “We attribute this to our competitive marking process and specialization in the asset type. It was a pleasure to successfully get this deal across the finish line for our clients.”
The property is located 1 mile from downtown Newark and one block from Route 21.
More from Marcus & Millichap:
- 40K-square-foot Toms River retail center sells
- Sonic property in Middlesex County finds new owner
- M&M brokers sale of Downtown Woodbridge 53 multifamily portfolio